On Monday, the duration is an appearance in “Newsnight” of CNN, the Breitbart News Economy editor, John Carney, challenged Richard Quest of CNN International about the market response to the Trump administration tariff strategy.
According to Carney, the market response should not be the only determinant of public policies.
Partial transcription as follows:
Quest: Can I tell you something? I am tired of sitting on debates like this and making everyone say, oh, you know, the elites, you of this, at the top, you in this, you all day. I have heard this. The reality is that yes, perhaps there is a narrower section in the country that is in action in their own right, but millions of people have 401 (k) s. And if it does not have a 401 (K) or does not have a retirement account, your company depends on the market.
Carney: I don’t think we should give the stock market a veto about the public policy of the United States. So, if the stock market does not like us to do the right thing, just like Jay Powell did not, the Fed does not say, oh no, we cannot increase interest rates because or –
Quest: No. The Fed – Whoa.
Carngey: Not maybe
Quest: Markets knew that Fed had to do it to get rid of inflation.
Carney: the market fell. And why did he go down?
Quest: Yes, they didn’t like it, but they knew that this was the orthodox that. And they knew that this was the Orthodox monetary policy that was fun –
Carney: And this is what we do today.
Quest: This is not orthodox.
Carney: It is not orthodox, you are right, but the market will realize that this is the right thing and is necessary. We had no choice.
Follow Jeff Poor at x @jeff_poor
